It is a dream for many, starting an online business and running from the living room. Generate, business from the bank. Organize your time yourself and work on the growth of your company all over the world.
Many entrepreneurs already successfully run their business online in various industries. For example, you can start an online comparison site, create a dating site, build a job site or earn money with a blog.
In my case, this dream has become a reality. As an online marketing specialist, I am not tied to a place or time, but I can run my business all over the world. In this way, I run several online companies, in addition to helping clients to become successful on the internet with my online marketing agency.
I travel around the world several months a year myself while my business continues. Swimming in the break is part of my daily working day abroad as a digital nomad.
How do I successfully set up an internet concept without making too many costs
First, you have to have a good idea, that is, of course, the basis of your company. In this blog, I try to help you develop a mindset to increase the chances of success for your business and how to start an online business.
I made a mistake a few years ago, which cost me a lot of money. I want to protect you for this error, and I hope you can learn from this by following my tips.
Building a website, platform or comparison site costs a lot of money, but that can be cheaper! (save costs)
Many know nothing else than that building an IT party or internet agency must do a platform. The more complex the technology of the website, the higher the investments will be.
Most companies with an internet concept make the mistake of having to make a substantial investment in the initial phase without knowing whether the idea has a chance of success.
Make concessions in the area of IT functionalities
Many entrepreneurs who want to start an online business make the mistake of building sandcastles in their heads. They think they know exactly what the website should look like, and what functionalities the site should have.
By wanting to carry everything in perfection, you have to feel deep in the pouch. In addition to the high costs, you run another risk. You have built a website that only you find fantastic. Your potential customers would have preferred to see the website with other functionalities.
I made this mistake by building a platform that cost me a small fortune. In retrospect, with the knowledge of now, I could have launched a better site with less than 10% of the costs.
My tip is therefore to keep your first product launch very basic with only the functionalities that make your idea functional and working. The development of bells and whistles can be done later if your online business is running successfully.
Then you listen very carefully to your customers what they appreciate about your platform, website or webshop and what they would rather see differently. This way you build a good website for your customers where you can generate money.
How do I determine the chance of success of my new online business?
Do market research in practice
Many entrepreneurs with an idea first ask questions to different people what they think of the idea. Usually, the reactions are mostly positive, but they give a very distorted picture.
Your respondents talk to you and do not want to insult you and therefore speak with you enthusiastically. Just ask them after the positive reaction, "that is nice, you can now immediately sign and buy the product". You will then see that the vast majority suddenly come up with critical questions and marginal notes. Yes, you have something to do with that, because now you get an honest answer.
Test your product in practice. Create a simple website and give potential customers the opportunity to buy your product. However, you do not even have to have a product, service or complete technology at the back. In this way, however, you know quickly whether it is successful or not.
If it turns out that people buy but you still have nothing you can do two things:
1: You tell them that the service is not finished or that your product is temporarily unavailable. You can then give the customer the opportunity to receive your product or service later or to return the money if they have paid.
2: After you get the first sales, you can decide to work out your service as soon as possible so that you can deliver it to your first customers.
Why a test in practice? By testing in practice, you get a fair view of whether your company has a chance of success without having immediately developed products or developed an entire community. After the pilot, you can decide whether you go further with your idea or whether you choose eggs for your money.
In case of a failure, you could at least save a lot of money. Also can help you with the online marketing or website construction.
Be warned and start lean and smartly mean an internet company and then build that fortune with your new online business.